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golden rules of accounting?
how bank earn profit?
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Answer Posted / geetha
Three Golden rules are as follows;
1) Personal A/c-Debit the Reciever and credit the Giver.
2)Real A/c - Debit what comes in and credit what goes out.
3)Nominal A/c - Debit all expenses and Losses and credit
all Incomes and gains.
And how the Banks earn Profit;
Banks will take the deposits from public with Low rates of
interest and gives the loans by charging high rate of
interest and banks also gives overdraft facility to the
public and on that also they charge high rate of interest.
| Is This Answer Correct ? | 32 Yes | 1 No |
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